Adapt IT has announced to shareholders that it will be purchasing Wisenet Group.
The deal will cost a total of R28.79 million for Wisenet Group, while Wisenet SG – the business intellectual property and existing IP rights of Wakatipu Management – will cost Adapt IT a further R23.39 million – as well as additional yearly payments until 2021.
Wisenet is an Australian software-as-a-service company that offers a learning relationship management system to various vocational training institutions across Australasia.
Currently, Wisenet serves approximately 11% of the Australian market and has a footprint in three Asian countries.
“The acquisition will complement Adapt IT’s Education Division growth strategy and provide Adapt IT with access to key proprietary software, customers, and markets in the higher education sector in Australia,” said Adapt IT.
The company added that an additional benefit of the deal was that all revenue from Wisenet will be earned in hard currencies outside of South Africa.